CTEK delivered a mixed Q2, with weaker sales more than offset by stronger-than-expected profitability. Consumer continues to underpin earnings, while the weakness in Professional increasingly appears timing-related. With a stronger product pipeline, upside from CS ONE Gen 2 and several additional growth initiatives ahead, we see an increasingly constructive outlook. The ongoing EVSE strategic review and strong balance sheet provide further potential catalysts. Our traditional Base Case is unchanged at SEK25 while our new Fair Value is SEK25 (see details below), making the CTEK shares “Cheap”.
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